Yes you are correct. Besides the difference you already noted, in managerial accounting you are not required to adhere to GAAP and the type of accounting work involved is very different. Managerial accounting is focused on allocation of factory overhead, reducing product costs, cost benefit analysis, efficiency, adding/removing product lines and new divisions based on what will be more profitable, etc. These are all accounting decisions that are important to management in order to run a profitable business. Financial accounting on the other hand, deals with external reporting, and has a focus on providing accurate financial statements that will allow investors and other stakeholders (ex.creditors) to make decisions on whether to invest and/or lend money to the company.